02/03/2018 Asia Business Report


02/03/2018

Live from Singapore, the essential business news as it breaks and a look ahead to the news that will shape the business day.


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Now on BBC News, all the latest

business news live from Singapore.

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President Trump announces tariffs on

steel and aluminium, and Wall Street

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hates it -- takes a dive in

response. China's demonstrates an

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official intelligence to help you

still clear of man's best friend.

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Good morning, welcome to Asia

Business Report, live from

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Singapore. The US president Donald

Trump has announced he will impose a

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tariff of 25% on imports of steel,

and 10% on aluminium. Arguing it

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will protect jobs in America's

former industrial heartlands. US

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steel makers applauded the

President's decision, while

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executives in other industries

warned that the tariffs could hurt

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American manufacturers, and risk

provoking a global trade war. But

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for workers in suburban

Pennsylvania, many of whom voted for

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Mr Trump, the tariffs cannot come

soon enough. Jo Miller has more. For

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almost two centuries, the -- this

has been a mainstay of America

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industry, producing up to half the

time it -- half 1 million tonnes of

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steel per year.

I was able to build

my house and provide a good

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lifestyle for my son and I, but

right now, I am in jeopardy of

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having to start over at 47 years

old.

Last autumn, Kimberly and do

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hundred 50 of her fellow employees

were told that with the price of

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steel dropping, their employer would

idle the mill, and ask 100 jobs. But

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just a year before, many of them

voted for a man who campaigned on a

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prop but does promise to end their

industry's relentless cycle of boom

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and bust. After months of dithering,

the trumpet administration has

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announced its intention to slap

tariffs of 25% on steel imports.

We

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will be imposing tariffs on steel

imports and tariffs on aluminium

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imports, and you will see lots of

good things happen.

For workers at

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the local union hall, the tariffs

have been a long time coming. For

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years, they felt at the mercy of

China, which produces as much steel

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in a month as the US does in a year.

We are not saying don't treat, we

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have to treat, but we need to be

treated fairly. We are not even in

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the game.

But the White House is

running into the same problem that

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has plagued previous

administrations. Imposing strict

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tariffs on steel imports could cause

China and other important trade

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partners to retaliate in kind, and

that could cost jobs in other parts

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of the country instead. Other

industries say they fear a backlash

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to the tariffs, and markets in New

York fell sharply after the

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announcement. But for volunteer

firefighter Chuck, saving steel is

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worth the cost.

This industry in

particular is a cornerstone of

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America. If we cannot make our own

steel, we are leading ourselves one

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herbal. -- vulnerable to everyone

else in the world.

A decision from

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Washington has, alas, but still

workers in Pennsylvania will not be

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celebrating just yet, and will be

watching for help reaching and

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Brussels respond. -- Beijing and

Brussels. As Joe mentioned, we saw a

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fall in Wall Street, and Asia shares

are tracking. Our business reporter

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has more. Steel makers are happy,

but particularly other makers are

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not happy at all.

-- car-makers as

well as Asia biggest steel knickers

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are seeing their shares go into the

bread because of these tariffs that

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President Trump are seeing. They are

concerned about higher costs, as

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well as a possible trade war. The

fall of these car-makers and steel

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makers are working on the overall

index is in Japan, indicating 25 is

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down by 2.5%. The Hang Seng in Hong

Kong has just opened up, while

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Australia shares are weaker as well.

This all has to do with how much

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they export to America, in terms of

steel and aluminium. South Korea is

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the third-largest source of steel to

America, accounting for 10%. The two

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biggest are Canada and Brazil, as we

mentioned earlier. Japan is also a

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major supplier, they account for 5%

of all steel imports into America --

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America. We mentioned already that

sectors like Honda playmakers will

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be affected, because they use lots

of steel in their products, but also

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technology products and food.

Finally, this causes a question on

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how China will react. China supplies

only 2% of US steel imports, but

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they are MHO -- major global Claire,

and are the biggest producer of

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steel in the world. They have become

so big a hit driven down prices, and

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they can expect retaliatory measures

from China and Japan against the US.

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Figure for the update. Let us move

on to India, because the there has

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just introduced a new law that will

confiscate assets of absconding low

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defaulters. It comes in the backdrop

of the recent one point a

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billion-dollar bank scam involving

Indian, billionaire. Let's go over

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tarp Indian business correspondence.

The Bill was approved last evening,

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now the Bill, which is called the

economic absconders bill, it means

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that authorities will have power to

take over all the assets of those

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low defaulters who have not paid

back the banks, and have fled the

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country. This has been done because

of the Indian billionaire who

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swindled allegedly close to $128

billion from an Indian national

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Bank, and also a famous bank of a

liquor baron who owed the banks of

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billion dollars. He has fled and is

living in the UK, the Indian

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government is trying to extradite

him. What this bill allows is that

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whenever a court issues an arrest

warrant against any individual for

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defaulting or not paying back the

banks, the individual flees the

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country, then without conviction,

the authorities will have the power

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to seize all their assets, sell

them, recover the money, and pay

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back the banks. This is important

because if you look over the last

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few years, there have been many

instances where a lot of low

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defaulters have fled the country,

and the cases against them have been

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stuck in the courts he does until

now, in law said that unless the

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individual is convicted, the bank

cannot sell those assets. And now

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the authorities have the power, they

can sell the assets before

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convictions, and that is very

significant, as far as Indian banks

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go.

Thank you for the update.

China's hallway has turned one of

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its phones into a dull collision

avoidance system for cars, as part

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of an unusual... We try out the

artificial intelligence feature for

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ourselves in Barcelona.

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This is a perfectly standard car,

nice self driving car, but it has a

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camera, a sophisticated camera on

the tube -- the roof, which is

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talking to this mobile phone with

artificial intelligence built into

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it. Is that AI which will

effectively steer the car around the

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objects in our path.

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We have a training run where the

phone has detected the various

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objects in our way, and that we have

to do one for real at speed.

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What are you trying to show?

This is

not suggesting that it will enter

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the autonomous car industry, just a

show and demonstrate the power of

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artificial intelligence, which is

built into the inside of the device.

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It is AI happening on the device in

real-time.

I truly believe Rowley

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has one of the best jobs at the BBC,

having all the fun. Let's recap our

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top story, President Trump

announcing tariffs on imported

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steel. The one market that will not

be affected is India, because

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markets they're close, as the

traditional Hindu festival of holy

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takes place, is also known as the

Festival of colours, as you can see

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there. It celebrates the triumph of

good over evil, and welcomes the

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arrival of spring. Let's show you

the markets before we go, as Lisa

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mentioned, all Asian markets are

down, Thompson down 115%. That's

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this edition of Asian business

report, thanks for joining us.

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